Business Loans for Cosmetic Store
Its normal for most small businesses when they are looking for a business loans for cosmetic store approach their bank, especially the one that holds their business account. Most people are very surprised when the bank shows reluctance to fund their businesses.
The reason banks are apprehensive to fund small businesses is due to the criteria that they have developed over the decades, based on their lending experience. The objective of banks is to protect their investments and they accomplish this by putting in place the most stringent norms and requirements.
Unlike private lenders, the banks generally always require things such as personal guarantees, collateral, security, healthy deposits and ending balances on business statements, profit and loss statements for review, tax returns, personal financials of the business owner etc. In addition to all these requirement that banks have to review documents and more, most of the applications or about 90% end up getting rejected by the bank.
Private lenders such as Funding Easily provide business funding for cosmetic stores easily and quickly. In addition to this private lenders do not require collateral, security or personal guarantees. The rest of the qualification criteria are also simple such as the following. The business needs to be over 12 months old, and it should have a gross monthly sale of over $15k per month. In addition to this the business owner should not be in an active state of bankruptcy.
There are other factors also that need to be taken into consideration, and these are the time frames. Typically, the time frames taken by a bank would be on an average not less than 2 months to 6 months depending on the application. A private lender such as Funding Easily can do the same in 48 to 72 hours at the earliest and an application processing time would never exceed 1 month.
More information is available for those who are looking for information, contact us and our funding team will provide you with all the information you require, and also assist you with the application if necessary.
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Cosmetic Store can make good use of additional fundings. Check out your options now